Namgang Development Co., Ltd, Choi Sun-young and Kim Hae-young agreed to acquire a 11.161337% stake in HYSONIC Co., Ltd. from Nokwon Commercials & Industries, Inc. (KOSDAQ:A065560) for KRW 3 billion on August 12, 2022. Gangnam Development Co., Ltd., Choi Sun-young and Kim Hae-young will pay KRW 100 million each at the signing of contract, KRW 100 million each on August 30, 2022, and the remaining KRW 800 million on September 27, 2022. The transaction is expected to close on September 27, 2022.

As of September 27, 2022, transaction is expected to close on October 31, 2022. On October 31, 2022, correction in the agreement done to extend the remaining payment due date to November 30, 2022. On November 30, 2022, transaction is expected to close on December 31, 2022 and correction in the agreement done to extend the remaining payment due date to December 31, 2022.

As of December 20, 2022, Choi Sun-young will pay KRW 100 million at the time of signing the contract, Interim payment of KRW 100 million on August 30, 2022, Balance of KRW 300 million by December 20, 2022 and KRW 500 million won balance paid on December 31, 2022. Kim Hae-young will pay KRW 100 million won at the time of signing the contract, Interim payment of KRW 100 million on August 30, 2022, Balance of KRW 200 million on November 30, 2022 and KRW 600 million balance paid on December 20, 2022.